The home-buying procedure can be swift, and it doesn’t necessarily require you to possess a hefty fortune. The reality of a vigorous real estate market, where it may take a considerable span, potentially extending to several years, to secure a house is not uncommon. In an active market where residences might find new owners within mere hours of listing, the feeling of constantly losing out to other prospective buyers or always needing to catch up in the race can be frustrating.
Nonetheless, specific strategies can hasten your home-buying journey, even without a large bank balance. An adept real estate agent with extensive connections might give you the golden opportunity to submit a presale offer before your dream home even appears on the market. Shopping in an area with a slower economic pace might even allow you to finalise a house within a month, given that your offer is appealing.
The following pointers provide practical ways to curtail the house-hunting process and aid in a speedy home purchase.
1. Marshal a Brigade of Real Estate Experts
Accelerating the home-buying process significantly depends on adequate preparation, asserts Wesley Stanton from Douglas Elliman, New York, NY. Assembling a team comprising a seasoned real estate attorney, a savvy mortgage banker, and a competent real estate broker, ideally with prior teamwork experience, can significantly streamline operations. As overseers, the assembled squad serves as your executive officers, diligently carrying out their roles.
2. Forge a Strong Bond with Your Competent Agent
Nicole Krinick, another representative of Douglas Elliman, recommends securing an excellent guide to sail you smoothly through the process. An agent with robust connections and in-depth knowledge about a neighbourhood can inform you about upcoming property listings. A healthy rapport with your agent increases your chances of getting an exclusive preview.
3. Secure Preapproval for a Home Loan
Much paperwork is essential for a home purchase, a significant portion of which relates to the mortgage approval process. Necessary documents include W-2s, 1099s, bank statements, debt information, and gift letters. Collaborating with your mortgage broker for preapproval before initiating the house-hunting expedition would place you in a favourable position, showcasing you as a serious buyer. It’s essential to remember that prequalification is not equivalent to preapproval.
4. Begin Your Search in High Inventory Areas
While considering your next residential area, you might have specific prerequisites like walkability, quality educational institutions, and convenient access to public transportation. However, another factor to consider would be the presence of many houses for sale. Studies reveal that scarcity of home inventory tends to prolong the buying process. Expanding your search to less competitive markets might result in more suitable options. A substantial offer in a less prosperous area might allow you to secure a short escrow.
5. Maintain a Strict List of Essentials and Deal Breakers
Potential buyers often need more time entertaining suitable options in a competitive market. Make sure to make offers on houses that fulfil your requirements. Focusing on convenient options reduces time wasted on viewing unsatisfactory properties. According to Krinick, choosing real estate and a life partner bear striking similarities; avoiding wasting time on unsuitable possibilities is best.
6. Part Ways with Your Existing Residence before Purchasing Another
Incorporating a contingency sale often complicates and slows down a purchase. However, selling your existing house before starting your search places you in a favourable position. With ample equity and flexibility regarding your closing date, you gain an edge over other buyers. You may need to relocate your belongings to a storage facility temporarily and perhaps live on rent for a few months, but on the bright side, you will have most of your packing done ahead of your move!
7. Be Reachable
After accepting your offer, you must remain accessible to swiftly answer queries from your agent or the seller’s agent. Keep yourself available via email, text, and phone calls and respond promptly. Additionally, be mindful of the vacation schedules of the agents, attorneys, and brokers involved to avoid any unexpected delay.
As experts in the real estate market, we understand the processes involved in buying a home and work to make it as efficient as possible. If you want to sell, remember, “We buy houses in Broken Arrow“, which can help smooth and swift your transition. We often say, “We buy houses in Broken Arrow,” no matter the condition, to provide a hassle-free experience to sellers. So, if you’re in the market, remember the mantra, “We buy houses in Broken Arrow“, and reach out to us for a seamless transaction.